LG sold 14.5 million phones last quarter

LG has managed to sell 14.5 million smartphones in the second quarter of 2014.

This represents a 20 percent increase year-on-year and the company says it is a new quarterly record. Although some rivals like Samsung appear to be struggling in the hotly contested and oversaturated smartphone market, LG is still going from strength to strength.

More than a third of all LG phones sold this year were LTE-enabled models. The company netted $3.51 billion, a 16 percent increase over smartphone revenue generated in the same period last year.

The company attributed its strong results to good reviews and sales of the LG G3 and the popularity of frugal L-series phones.

"LG plans to continue its global rollout of the G3 and introduce more mass tier products in the second half, including variations of the LG G3, such as the recently announced G3 Beat, and additional L Series models," the company said.